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State of Washington Special Purpose Credit 

04-08-2024 12:49 PM

A family sits on the front steps of a home.

Covenant Homeownership Account implemented by WA State Senate Bill 1474

 
In 2023, the State of Washington created a Covenant Homeownership Account to help close the racial gap in homeownership and address the history of housing discrimination. The State enacted a $100 fee for each real estate transaction and is using the revenues to provide funding for down payment and closing cost assistance for members of marginalized groups targeted by racist covenants who can trace their family’s presence in Washington back to a date prior to April 11, 1968. The State is establishing a Special Purpose Credit Program pursuant to Federal Regulation B of the Equal Credit Opportunity Act allowing the State to extend special purpose credit to eligible applicants.

Bill Information

#HousingLandandDevelopment #HousingFunding

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CHABrief.pdf   175 KB   1 version
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KUOW - Racist covenants excluded many from homeownership.....pdf   5.13 MB   1 version
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WA State Racial Covenant Homeownership Program.pdf   170 KB   1 version
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